Sunday, February 17, 2019
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    FG to ban tomato paste importation before end of 2019, says Audu Ogbeh

FG to ban tomato paste importation before end of 2019, says Audu Ogbeh

Audu Ogbeh, minister of agriculture and natural resources, says the federal government will place a final ban on the importation of tomato paste before the end of 2019.Speaking in Kano during a tour of the Dangote Tomato Processing Plant in Kadawa, Kano state, Ogbeh said the ban will encourage massive tomato production.According to Ogbeh, the federal government has set aside [...]

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    BPE bargains concessionary gas price for ALSCON

BPE bargains concessionary gas price for ALSCON

The Bureau of Public Enterprises (BPE) says the federal government should consider listing Aluminium Smelting Company of Nigeria (ALSCON) as a strategic industry so it can get gas at a concessionary price.According to a statement released by the bureau, DHL/RUSAL, ALSCON's core investor, had listed the issue of gas price and supply as one that requires urgent resolution after signing [...]

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    AMCON CEO wins Businessday public service excellence awards

AMCON CEO wins Businessday public service excellence awards

Ahmed Kuru, the managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), was among the 16 persons who won the Businessday excellence in public service awards. Others who received the award alongside the AMCON CEO include; Mary Uduk, acting director-general, Securities and Exchange Commission (SEC); Usman Mohammed, managing director/CEO, Transmission Company of Nigeria (TCN); Ahmed Bobboi, executive secretary, Petroleum Equalisation Fund (PEP); Yusuf [...]

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    CBN on ‘N32bn racket’: No room for arbitrage in FX market

CBN on ‘N32bn racket’: No room for arbitrage in FX market

The Central Bank of Nigeria (CBN) says there is no room for racketeering or arbitrage in the nation's forex scheme.The apex bank made this statement in reaction to a news report that claimed that some people pocket about N32 billion annually from the N306/$ exchange rate regime.In a statement signed by Isaac Okorafor, director of the corporate communications department at [...]

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    Udoma disagrees with World Bank, says Nigeria’s economy will grow by 3.01% in 2019

Udoma disagrees with World Bank, says Nigeria’s economy will grow by 3.01% in 2019

Udoma Udo, the minister of budget and national planning, says the Nigerian economy will grow by 3.01 percent in 2019 -- at variance with the World Bank's forecast of 2.2 percent in the same year.Udoma who was speaking at the Deloitte Dialogue on Nigeria's Economic Outlook for 2019, in Lagos, said the proposed 2019 budget is intended to further reposition the [...]

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    Indian phone maker enters Nigerian market to provide ‘quality yet affordable’ products

Indian phone maker enters Nigerian market to provide ‘quality yet affordable’ products

Lava, an Indian phone maker, has launched its products in Nigeria saying it is targeting both low and high-income earners.Speaking at the launch, Sushil Segal, country head for Lava, said the company is targeting emerging markets hence, the reason it launched in Africa two years and now trading in Egypt, Sudan, Ghana and Kenya.Rohit Singh, the company's executive director, business [...]

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    ALERT: Nigeria’s foreign reserves at risk over $9bn UK judgment

ALERT: Nigeria’s foreign reserves at risk over $9bn UK judgment

Nigeria’s foreign commercial assets are at risk as a British company moves to enforce a $9bn arbitration award against the country over a breach of contract, TheCable can report.Process and Industrial Developments Limited (P&ID), an engineering and project management company, is expected to get a final order from English courts on February 15, 2019 to enforce the arbitration tribunal award [...]

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    Glo unveils Anthony Joshua as brand ambassador

Glo unveils Anthony Joshua as brand ambassador

Anthony Joshua, world heavyweight boxing champion, has been unveiled as a brand ambassador of telecommunications giant, Globacom.Joshua, who was born by Nigerian parents, was unveiled when the telco presented its new business direction to media executives in Lagos on Friday.Speaking at the event, Bisi Koleoso, deputy chief operating officer of the company, said the previous year ended on a high note for Globacom [...]

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    AMCON: Textile company will continue operations despite N1bn debt

AMCON: Textile company will continue operations despite N1bn debt

Asset Management Corporation of Nigeria (AMCON) says Nigerian Braiding Manufacturers Limited (NBML), a Kano state-based textile company, NBML, will continue operations despite its N1 billion debt. The company was recently taken over by AMCON, as a result of the Company’s Non-Performing Loans purchased from the Banks by the government agency. The textile company’s indebtedness to the Corporation currently stands at over N1 [...]

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    21st Century Technologies gets Africa’s first Uptime Institute Tier IV certification

21st Century Technologies gets Africa’s first Uptime Institute Tier IV certification

21st Century Technologies Limited has obtained a Tier IV certification from Uptime Institute, the first time for any telecommunications company in Africa.With this certification, 21st Century will construct a digital economy data centre in Nigeria.In 2018, 21st Century Technologies, which is led by Wale Ajisebutu (pictured), achieved the multi-tier cloud security standard.At that time, the company described the standard as [...]

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Exchange Rates

February 15, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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